Democrat Gerry Connolly, who sits in the House of Representatives, has demanded that the Treasury Department prevent the creation of state cryptocurrency funds in the United States.
On March 6, President Donald Trump ordered establish a reserve Bitcoin— a fund and a reserve of digital assets replenished with coins confiscated from criminals. Connolly did not like this idea, because, as the congressman believes, Trump’s project will not bring benefits to ordinary people, but will enrich his close associates and allies.
There is no strategic need to invest in the volatile and speculative trading cryptocurrency market. This is [the basis Bitcoin-fund] is designed to create a taxpayer-backed hedge to ensure bitcoin speculators that the government will use the fund to bail them out during a crash, wrote Jerry in a letter.
Gerry Connolly
Connolly’s statement suggests he did not read or understand Trump’s order, which did not mention purchasing BTC or any other digital assets with public funds. Donald did allow officials to hoard coins, but they were only allowed to use a budget-neutral strategy to do so, which did not involve spending money from the treasury.
Furthermore, Jerry’s suggestion that the foundations would not benefit the people is at odds with the statistics. David Sachs, Trump’s crypto czar, сообщил, that the US treasury lost $16,8 billion because officials sold bitcoins too early. Accordingly, Donald’s proposed strategy for storing digital assets will significantly replenish the budget in the future if cryptocurrencies become more expensive.
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